According to a recent Gallup survey, Americans are feeling less confident about the economy. The economic confidence rating dropped from March to April as inflation continues to rise. The U.S. Bureau of Economic Analysis released underperforming Gross Domestic Product data just after the survey was conducted from April 1-22. This marks the first time in five months that confidence has not seen marginal improvement and the first decline in economic confidence in the past seven months.
Inflation is a major concern for Americans, with 55% expressing worry “a great deal” about it, according to Gallup polling. The federal Consumer Price Index reported a 0.4% increase in prices, while the U.S. Bureau of Economic Analysis published Personal Consumption Expenditure data showing a 0.3% increase in the previous month.
Recent GDP data reported growth at an annual rate of only 1.6% in the first quarter of 2024, well below expert projections and lower than the 3.4% growth from the previous quarter at the end of 2023. Gallup suggests that these results could have significant political implications, citing past instances where economic concerns influenced election outcomes. For example, incumbent president George H.W. Bush lost the election in 1992 during a campaign dominated by economic concerns, similar to the current economic climate
